VANCOUVER, BRITISH COLUMBIA--(Marketwire -03/08/12)- Med BioGene Inc. (TSX-V: MBI.V - News) today announced the date of its upcoming annual meeting ("Annual Meeting") of shareholders and termination of its shareholder rights plan ("Rights Plan").
The Annual Meeting will be held on Friday, March 30, 2012 at 10:00 a.m. (Pacific Time) at the Terminal City Club, 837 West Hastings Street, Vancouver, British Columbia.
The notice of meeting, information circular and form of proxy in respect of the Annual Meeting are being mailed to shareholders and will be available on SEDAR at www.sedar.com.
Shareholder Rights Plan
The Rights Plan was adopted by the Company's board of directors (the "Board") effective January 15, 2010, and was subsequently ratified by shareholders at the annual meeting of shareholders held on February 12, 2010.
The Board approved an amendment to the agreement embodying the Rights Plan to accelerate the expiration date of the underlying rights to February 27, 2012. As a result of the amendment, the underlying rights are no longer outstanding and are not exercisable, and the agreement embodying the Rights Plan is effectively terminated. Shareholders do not need to take any action as a result of this termination.
The Rights Plan was initially adopted by the Board in anticipation of the Company's then proposed initial public offering of common shares in the United States and concurrent listing of its common shares on The NASDAQ Capital Market. As this offering was discontinued, the Board felt that it was appropriate to terminate the Rights Plan.
The Board is not aware of, nor is it terminating the Rights Plan in anticipation of, any pending or threatened take-over bid or offer for the common shares of the Company.
Change of Address
Please also note that MBI has a new address. It is Suite 510 - 580 Hornby Street, Vancouver, British Columbia V6C 3B6.
About Med BioGene
MBI is a life science company focused on the development and commercialization of genomic-based personalized clinical laboratory diagnostic tests. MBI is committed to advancing personalized medicine by commercializing tests that provide clinically relevant information to improve patient treatment and reduce health care costs. MBI and Precision Therapeutics have partnered to commercialize MBI's flagship test, LungExpress Dx. For more information on MBI, please visit www.medbiogene.com. For more information on Precision Therapeutics, please visit www.precisiontherapeutics.com.
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LungExpress Dx is MBI's trademark. Each trademark, trade name or service mark of any other entity appearing in this news release belongs to its holder.
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